Friday 30 May 2014

A rough May for the metals

Gold and Silver saw rather significant net monthly declines for May, lower by -3.5% and -2.6% respectively. Both of the precious metals look set to take out the 2013 lows, with Silver leading the way down.


Gold, monthly, fib levels


Silver, monthly, fib levels


Summary

Suffice to say...the March candle was a clear warning of further downside.

The metals remain within very broad downward trends, the 2013 lows look set to be broken, and the only issue appears to be..when Gold test the big $1000 threshold..not 'if'.

Mid term targets remain...

Gold $1050/950...possibly 900/875..before a new multi-year ramp...to break 2k
Silver 12/10
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